Illustrate the impact of new technologies on business opportunities. - Leaving Cert Business - Question C - 2008
Question C
Illustrate the impact of new technologies on business opportunities.
Worked Solution & Example Answer:Illustrate the impact of new technologies on business opportunities. - Leaving Cert Business - Question C - 2008
Step 1
Standardisation of Production
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Answer
The introduction of new technologies enhances the standardisation of production processes. This leads to increased output, improved productivity, and reduced costs. For instance, computer-controlled machinery can streamline manufacturing, allowing for efficient production with minimal human error.
Step 2
Creation of New Job Opportunities
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New technologies facilitate the creation of jobs in various service sectors such as hospitality, catering, and healthcare. These advancements require skilled individuals to manage technology-driven operations, leading to employment growth in these industries.
Step 3
Development of New Products
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Technology allows for the creation of innovative products and services. For example, online booking systems for airlines and hotels enable consumers to reserve services effortlessly, thus improving customer experience.
Step 4
Enhanced Research Facilities
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New technologies provide instantaneous access to vast databases of information about businesses, products, and geographical markets. This capability supports data-driven decision-making, allowing businesses to adapt and strategize effectively.
Step 5
Wider Span of Control
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Advancements in communication technologies enable managers to oversee larger teams spread across different locations. This flexibility is crucial for managing remote teams effectively.
Step 6
Reduction in Organisation Size
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Technological advancements can lead to downsizing as companies become more efficient with fewer employees, thus minimizing operational costs while maintaining productivity.
Step 7
Improved Communication
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Technologies such as laptops, mobile phones, and emails facilitate instant communication among staff, which boosts workplace efficiency and global interaction.
Step 8
Tele-Working Opportunities
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With broadband access, employees can work from home or remote locations, effectively balancing personal and professional lives while reducing the need for physical office space.
Step 9
Marketing Innovations
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New technologies enable businesses to effectively promote their products and services online, reaching a broader audience with lower marketing costs. Websites can serve as platforms for showcasing offerings.
Step 10
E-Business Expansion
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Many business functions can be conducted online, from banking to insurance services. This transition towards e-business allows companies to operate more efficiently and reach customers globally.
Step 11
Training and Development
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Technological advancements facilitate training through online platforms, allowing employees to upskill remotely. Various training packages can be offered to suit different learning preferences and needs.
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